A new report from the White House outlines plans by US President Joe Biden and his administration to focus on proof of work mining and its environmental impact. In light of this, Bryan Daugherty, director of public policy at BSV Blockchain, said, “By making this a much more environmental debate rather than another kind of debate, the United States is moving in the same direction as the European Union (EU). He begs the Bitcoin community to be a supporter and speak.
“Please express these concerns, whether it’s about consumer protection or the potential stagnation of proof-of-work, scalable blockchain innovation,” he insisted.
Brian spends most of his time educating lawmakers, policy makers and staff to understand the practical aspects of blockchain, especially BSV.He is also the co-founder of the blockchain distribution network SmartLedgerA company that provides technical solutions and information to entrepreneurs, investors, developers and government officials.
As he told Patrick Thompson in this episode CoinGeek Weekly Live StreamHe and his team recently responded to the White House’s Department of Science and Technology.
“We were able to adjust the answers from TAAL, nChain and SmartLedger to very specific questions from government officials,” says Bryan.
Brian is keen to point out that many policy makers are intertwined with an understanding of blockchain technology. He believes that the hasty development of bills and amendments by policy makers to address blockchain-related concerns could potentially hurt the growth of scalable blockchain companies.
Energy consumption from Bitcoin mining This is a concern for policy makers. Earlier this month Texas Bitcoin Miner has shut down More than a week to relieve pressure on the power grid in a heat wave that residents urged to turn on the air conditioner. Despite the anxiety, he adds, people should focus more on the benefits that blockchain technology brings to the world. On his part, instead of focusing on those who mine for revenue, he needs to focus on transactions that take place on chains that serve businesses and generate efficiency in the corporate world.
As Brian explains, “When you start looking at the value these transactions offer and the usefulness they offer, this is what drives countries, regions and economies.” “Blockchain is today’s legacy environment. It provides real-world utilities and security that are impossible, “he adds.
Brian believes that people tend to overlook the actual incentives that blockchain offers. For one thing, technology creates transparency and helps mitigate fraud, he says.
“Once we start applying fraud protection, we begin to realize the true value of having a more secure system that provides some degree of record confidentiality, record integrity, and record availability, regardless of industry or sector. “He said.
The episode also discusses regulatory controversial topics in the blockchain industry. Brian admits that in 2017 many unprotected Bitcoin consumers lost a lot of money in the “cryptographic space.”
“Speculation and over-concentration on this crypto casino involves the media,” he claims.
The Focus on the crypto market It can be an obstacle to the growth and prosperity of blockchain technology. Brian believes that the word “cryptocurrency” should be separated from the word blockchain.
“I really think the confusion between terms, cryptocurrencies and blockchains needs to be significantly separated,” he points out.
As far as regulation is concerned, Brian believes there is a need for consumer protection, especially in cryptocurrencies. He argues that businesses should be held accountable.
“In the last few months, exchanges, wallets and lenders have been angry behind the scenes or made really scary economic choices,” he said.
Brian states that existing laws may not apply and often there is no need to create new ones. To address this issue, he believes more emphasis should be placed on understanding Bitcoin and blockchain.
“they [policymakers] Before we can legislate, we need to define these terms to be legislated, and because it’s a slippery slope, it’s really practical and we have to spend a lot of time defining these terms. ” He concludes.
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